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299 Queen Street West and the golden era of MuchMusic | SaltWireLONDON - Bond investors bruised by a record hiking cycle are increasing their positions, betting that central banks really are done with raising rates and their next move will be down.
A drop in inflation and economic growth followed by swift rate cuts was the scenario most bond bulls predicted in late 2022. Instead, bonds underwhelmed again this year as labour markets stayed tight and central banks said inflation remained too high. "We are starting to see a slowdown already in Europe and we will see the same at some point in the U.S.," said Gregoire Pesques, CIO of global fixed income at Amundi, Europe's largest fund manager.
"Valuations now look much more attractive than they did a few months ago," said Goldman Sachs Asset Management fixed income macro strategist Gurpreet Gill.
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